Bitcoin managed to hit $19,564 to end -1% quarter-over-over (QoQ) in Q3, despite its price falling in tandem with US equity markets for most of the third quarter. The US Dollar Index gained 7% over the previous quarter, according to statistics from independent crypto data aggregator CoinGecko shared with Finbold. The analysis of Bitcoin’s performance shows that it also manages to outperform crude oil, gold, the Japanese Yen, and iShares 20+ Year Treasury Bond ETF (TLT). However, when looking at performance year-to-date (YTD), Bitcoin remains the asset that has performed the poorest, with a loss of 58% per CoinGecko.
Bitcoin predicted to outperform most assets
Notably, Finbold reported back at the end of July that commodity strategist at Bloomberg Mike McGlone expected the Fed rate hikes to boost Bitcoin to ‘outperform most assets,’ which turned out to be the case in Q3. McGlone suggested that the Fed meetings on interest rates would likely build the foundation for Bitcoin to rally further and outperform most asset classes. Furthermore, the commodity expert also suggested that Bitcoin would likely emerge as the best-performing asset in H2 2022. Meanwhile, supporters of Bitcoin have continued to assert that the cryptocurrency is well positioned to become a haven asset, a hedge against inflation, and even a possible replacement for gold. Notably, the possibility of Bitcoin realizing its potential as a haven might be achieved due to its flagship cryptocurrency recording a higher connection with the precious metal in the context of the existing macroeconomic variables. Specifically, Bitcoin has reached a 40-day high correlation with gold standing at 0.50, after the value was at almost zero in the middle of August. Bitcoin is currently trading at $19,266, up 0.4% in the last 24 hours at the time of publication. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
